Finance Ministry approves welfare measures for LIC employees

The Ministry of Finance has approved a series of welfare measures for the benefit of Life Insurance Corporation of India (LIC) agents and employees. The welfare measures are related to the amendments to LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension among others. The welfare measures include enhancement of the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents. It will bring substantial improvements to the working condition and benefits of LIC agents. The ministry has also approved enabling reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability. Currently, LIC agents are not eligible for renewal commission on any business completed under the old agency.